What It's About
A listener is wondering about saving money on his tax return. If your side hustle isn't profitable, can you deduct the losses?
Notes from Chris
Episode 1414
This listener’s new side hustle lost money this year. Hopefully that will change in 2021, but for now—is there a silver lining in being able to deduct losses from his income taxes? I’m no tax expert, but thankfully there’s a pretty simple answer to this question."Hi Chris, this is David from Denver and I’ve been listening to the show for a couple of years now. I have a question about taxes. I know you say not to spend much money on an unproven idea, but it was hard for me to get going without investing some cash. So far I’ve spent around $2,000, and the business won’t make a profit this year. Hopefully that will change soon, but for now, can I deduct the expenses on my federal income tax return? "Listen to today's episode to learn more...
SEE ALSO:
- Marriage Inspires Theatre Captioning App & Service: After marrying a woman who was born deaf, an actor and musician starts a side hustle captioning theater performances.
- Geologist Rides Away From Full-Time Work: A Canadian geologist escapes the “cycle” of full-time employment by starting a mobile bicycle repair business, proving you can walk the walk if you talk the torque.
- Construction Company Owner Creates Gig Platform for Contractors: When he can’t find someone to help him install a TV, this former construction company owner sets out to create a platform that connects homeowners and contractors.
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Resources
CREATE YOUR ONLINE STORE
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GET YOUR FIRST 1,000 EMAIL SUBSCRIBERS
Social media is nice, but building an email list is still the single best way to get customers and clients for your hustle. It's not hard to get started—sign up for a 30-day trial and join the list-building challenge! You’ll be up and running in no time.
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To infinity and beyond,
